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S&P/TSX composite down almost 150 points, U.S. stock markets fall

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TORONTO — Canada's main stock index lost almost 150 points Thursday, led by weakness in utilities and base metals, while U.S. stock markets also fell.

TORONTO — Canada's main stock index lost almost 150 points Thursday, led by weakness in utilities and base metals, while U.S. stock markets also fell.In New York, the Dow Jones industrial average was down 605.78 points at 39,065.26. The S&P 500 index was down 39.17 points at 5,267.84, while the Nasdaq composite was down 65.51 points at 16,736.03.

But even a strong showing from one of the biggest players on Wall St. wasn’t enough to put markets in the green on Thursday. The Dow led losses on Wall St., declining 1.53 per cent. “This higher-for-longer narrative is going to continue. And that means over the next 12 months that commercial loans are going to renew at these higher rates.”Expectations for a start to interest rate cuts from the U.S. Federal Reserve have been pushed back as 2024 progresses with economic data continuing to come in stronger than expected.

The July crude contract was down 70 cents at US$76.87 per barrel and the June natural gas contract was down 19 cents at US$2.66 per 1,000 cubic feet.

 

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